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If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good the demand for that good is?
Wiki User
∙ 12y ago
price inelastic
Wiki User
∙ 12y ago
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Define inelastic demand?
Inelastic demand is when the quantity demanded of a good doesn't respond strongly to changes in price The percentage change in quantity demanded is less than the percentage change in price (% change in Qd < % change in P) Equilibrium price (Ep) is less than 1 (Ep < 1) The demand curve for an inelastic good would be fairly steep Hope this helps! Reference: Holmes, Hannah. "Elasticity." [ECON 1B03]. MDCL 1305. McMaster University. September 19, 2008. Somebody else's response: when demand doesnt alter greatly in relation to an increase or decrease of price
What is elastic supply?
the situation that exists when quantity supplied changes greatly in response to a change of price.
What are the factors that influence demand inelasticity?
Demand inelasticity with regard to price means that the quantity demanded of a product or service varies little even as the price varies greatly. This may happen, for example, when the product or service is relatively essential, when there are few if any substitutes or complements, or when the price, however much it varies, is an inconseqential amount compared to the income of the consumer. Technology can also affect the amount demanded. It is also necessary to define the use of the product. For example, electricity as a product is used for heating homes, air conditioning, watching television, and running a computer. Though the product is physically the same (flow of electrons) for all purposes, the demand is not similarly elastic for all uses. Electricity used for heating in a cold climate may be rather essential, but there are usually alternatives such as oil, propane, wood, gas, etc. It requires large quantities of electricity for this task, so it is often a large part of the household budget, and there are technological options (heat pumps vs. resistance baseboard heat) and readily available complements (insulation and storm windows), for example. The quantity of electricity demanded for heating, therefore should be rather elastic over the long run. Televisions and computers use relatively a lot less electricity, there is no substitute, the cost is not great relative to the typical household's income, so the quantity demanded of electricity for these purposes should not vary greatly as the price varies.
What are the characteristics of the illegal drugs market?
In the short term, the demand for illegal drugs is inelastic. As a result of law enforcement policies that reduce the supply of drugs tend to greatly increase the price of drugs , while reducing the quantity of drugs consumed very little. This increases the revenue to drug dealers. On a long term basis, only policies that reduce the demand for drugs create a more elastic market place for this type of illegal trade.
Can money buy success?
Yes, invest in your college degree and education and it'll greatly increase your chances of success. Real success comes from skill and a little bit of luck.
Define inelastic demand?
Inelastic demand is when the quantity demanded of a good doesn't respond strongly to changes in price The percentage change in quantity demanded is less than the percentage change in price (% change in Qd < % change in P) Equilibrium price (Ep) is less than 1 (Ep < 1) The demand curve for an inelastic good would be fairly steep Hope this helps! Reference: Holmes, Hannah. "Elasticity." [ECON 1B03]. MDCL 1305. McMaster University. September 19, 2008. Somebody else's response: when demand doesnt alter greatly in relation to an increase or decrease of price
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small fish in a lake increases greatly in no. ?
What will happen small fish in a lake increase greatly in number?
small fish in a lake increases greatly in no. ?
After the war did the power of the federal government greatly increased?
After the war, the power of the federal government did greatly increase.
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small fish in a lake increases greatly in no. ?
What is elastic supply?
the situation that exists when quantity supplied changes greatly in response to a change of price.
What term is the act of greatly increasing something?
There are many terms that can mean to greatly increase something such as surge, expansion, and intensify. Try searching synonyms for increase, for more answers.
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stereocilia
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baseball cards
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yes
